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Arthur Hayes: The Innovative Journey from BitMEX Perptual Futures to Ethena stablecoin
Arthur Hayes: Innovator from Perptual Futures to stablecoin
Arthur Hayes is a legendary figure in the cryptocurrency field, his career is filled with innovation and controversy. Born in 1985 in Detroit, Hayes began his financial career after graduating from Wharton School.
In 2008, Hayes joined the trading department of Deutsche Bank, starting his career as a derivatives trader. Three years later, he switched to Citibank, continuing his work in derivatives trading. In 2013, the European debt crisis led to Hayes losing his job, but this also became the opportunity for him to enter the world of cryptocurrency.
In 2014, 28-year-old Hayes co-founded the BitMEX exchange with his partner. The innovation of BitMEX lies in the launch of the Perptual Futures, a revolutionary product. The Perptual Futures combines the characteristics of 24/7 cryptocurrency trading with the leverage of futures contracts while eliminating the concept of expiration dates found in traditional futures. The success of this product made BitMEX a leader in cryptocurrency derivatives trading from 2016 to 2019.
However, Hayes' high-profile style eventually attracted the attention of regulators. In 2020, he resigned as CEO of BitMEX and paid a hefty fine in the subsequent legal disputes.
Despite facing setbacks, Hayes did not stop innovating. In 2023, he proposed a new stablecoin concept based on Bitcoin contract rates. This idea later evolved into the Ethena project, which aims to create a more transparent and efficient stablecoin mechanism.
Ethena's USDe stablecoin seeks to find a balance between decentralization and efficiency. It offers users more returns by partnering with mainstream centralized exchanges while maintaining a certain degree of on-chain characteristics.
Hayes's career showcases his talent as an innovator. From Perptual Futures to new types of stablecoin, he has been pushing the boundaries of the cryptocurrency industry. Despite facing challenges and controversies, Hayes remains one of the most influential figures in the industry, and his spirit of innovation continues to shape the future of cryptocurrency.